Bitcoin Continues to Rise Above $37,000, Altcoins Show Promise - Latest cryptocurrency news

Bitcoin Continues to Rise Above $37,000, Altcoins Show Promise

As Bitcoin continues to hover above $37,000, the future looks brighter for altcoins. While concerns arise over the decline of Binance exchange due to US intervention, officials have stated that they are doing everything in their power to prevent such a situation and allowing Binance to continue its operations.

The growth in the DeFi sector will continue as Binance continues its efforts. Since June, UNI Coin, considered the king of DeFi, has been trading above the horizontal support level and has reached $6.3 for the first time in 480 days.

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The resignation of Changpeng Zhao as CEO of Binance and the appointment of Richard Teng is expected to increase interest in DeFi. Especially after the significant impact of FTX’s downfall, it is noteworthy that some new investors are directly participating in the markets through decentralized structures.

Uniswap platform is not only limited to rumors but also experiencing increased interest. It has seen a volume of $14.20 billion in November and may surpass the June peak of $16.2 billion by the end of the month.

Experts expect a long-term upward trend for UNI Coin once it breaks free from the declining resistance trend line. If the upward trend continues, it is possible for the price to reach the resistance level of $7.4 with a 20% increase and then target $7.61 and higher levels. However, if there is no weekly close above the long-term resistance, investors will need to be prepared for a potential drop to $4 depending on a possible BTC decline.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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